According to a market report, published by Sheer Analytics and Insights, The global vehicle as a service market was valued at $5.2 billion in 2021 and it is expected to reach $46.5 billion at a CAGR of 20.7% between 2022 and 2032. The term vehicle-as-a-service describes a new phase in the automobile industry that has altered attitudes around car ownership. Car-as-a-service focuses mostly on leasing, renting, and subscription services for automobiles and other end-user-focused means of transportation. The term "car-as-a-service" refers to a fixed-term agreement between service providers and customers who use vehicles, along with advantages that have been previously agreed upon. For service providers to maintain appealing vehicle offers for the end user and obtain a competitive edge, fleet management is a key component. Due to shifting consumer attitudes, with millennials making up the majority of end users, high-end technology advancements, and a growing demand for affordable urban mobility solutions, the trend of replacing passenger vehicles within three to five years is growing dramatically.
Increased smart city initiatives, rising use of on-demand mobility services, the need to cut CO2 emissions, enhanced 5G infrastructure, and the adoption of smartphones are some of the reasons that are influencing this market's growth. As a result, the market for mobility as a service is anticipated to increase significantly in the next years. Regulations and a growing emphasis on smart city projects are driving forces behind the introduction of vehicles as a service. Countries are creating new laws to promote the use of transportation mobility as a service. These primary factors are expected to drive the market during the forecast period.
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Furthermore, due to rising spending in both developed and developing nations, the vehicle sector is increasing quickly. Some of the fast-growing economies are China, India, and Brazil. These nations are continually expanding their expenditure, which encourages the adoption of cutting-edge technologies. Moreover, the market for cars as a service is anticipated to expand as a result of factors like the flexibility and convenience of the model as well as how much less expensive it is than purchasing a car outright over a shorter period. For instance, the development of a solid digital platform to run the services efficiently, the expansion of the dealer network for improved accessibility, or the effective provision of services are anticipated to present the market's participants with lucrative growth prospects. Hence, these rising factors are estimated to create more growth opportunities for the vehicle-as-a-service market globally.
On the other hand, the development of the car as a service market is being constrained by inadequate transportation infrastructure in some nations. Expanding nations like Afghanistan, Bolivia, Lesotho, and Nepal are having trouble developing their physical infrastructure due to ineffective government administrations, malpractice, and poor upkeep. As a result, the sector cannot grow because auto subscription service providers are unable to introduce their vehicles in these areas. Additionally, it is laborious to store and maintain a big number of vehicles. These elements are limiting the market's expansion for automobile services.
On 20th September, 2022, MG Motor India introduces "Service on Wheels" for car repairs at customers' homes. This will function as a mobile workshop with all the consumables, digital assets, replacement parts, and equipment required handling immediate vehicle maintenance needs.
On 8th August, 2022, the vehicle-as-a-service program for battery electric vehicles was introduced by Mack. The freshly launched Mack Ultra Service Agreement includes all routine maintenance, barring unexpected repairs, as well as roadside assistance, battery monitoring, an industry-leading battery performance guarantee, Mack GuardDog Connect uptime services, and battery monitoring.
According to the study, key players dominating the global vehicle-as-a-service market are Accenture (Ireland), AB Volvo (Sweden), BMW AG (Germany), Cazoo (U.K), General Motors (U.S), Hyundai Motor Group (South Korea), Kelsian Group (Australia), LeasePlan Corporation (Netherlands), Nokia (Finland), Orange SA (France), Samsung Group (South Korea), Tata Group (India), Uber (U.S), Volvo Cars (Sweden), among others.
The Global Vehicle-as-a-Service Market – by Vehicle Type:
The Global Vehicle-as-a-Service Market – by Service Type:
The Global Vehicle-as-a-Service Market – by Regions:
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